SYDNEY May 2 (Reuters) - The Reserve Bank of Australia's (RBA) index of commodity prices surged 7.6 percent in April, from March, to reach a fresh record high as rising contract prices for iron ore and coal augured well for export earnings. That followed an upwardly revised increase of 0.8 percent in March. The index was up 32 percent in special drawing right (SDR) terms, compared to April last year. The index reading of 145.0 far surpassed the 2008 peak of 119.5. In Australian dollar terms the index rose by 3.8 percent in April, tempered somewhat by a sharp rise in the currency. That index was up 22 percent for the year. The index also hit a record high in U.S. dollar terms, having climbed 8.7 percent from March. The largest contributors to the rise in April were increases in the estimated export prices of coking coal and iron ore, reflecting the movement to higher contract prices in the June quarter. The estimated export price of thermal coal as well as crude oil and gold prices also rose notably in the month, while sugar and cotton prices fell. Much of the increase for the past year or more reflect huge price rises for iron ore and coal, Australia's two biggest export earners. That has boosted Australia's terms of trade, lifting profits, investment, employment and tax receipts. (Reporting by Wayne Cole; Editing by Ed Davies)

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